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AC was telling the truth at the time of the announcement as always. We had this with M66 etc, whereby he announced 50bopd or whatever it was and then we heard nothing more - many months later we read the accounts or the MD and A and there it is buried in there, that the production dropped off to virtually nothing or words to that effect.
he would argue that he could not predict what would happen with the well, once the RNS had been released and that changes to flow rates in wells generally aren't RNS'd - E.G bigger players do not tell you if a well drops off by a few hundred bopd.
This stock was good for trading and I did well out of it, however, it hasn't been much good for that over the last year.
AC shown his colours - radio silence means issues, talking something up is where his focus is and sod the rest.
Personally and it is only a guess - is he going after the Ezzaouia field in Tunisia - that used to kick out around 700bopd if i recall.
They have indeed.
It hacks me off they often raise for one stated purpose. But often either get the amount they need wrong (ie forgot the Top Drive needed quick raise) or the funds then go elsewhere...
Will they be returning the money to those that bought in the equity raise to “fully fund” C30 and C37. I’d be livid if I bought in for this only to find my ££ used elsewhere.
Similarly what about these new Bond holders that thought they were funding and probably excited about Az ?
Zen have always been trying to complete these kind of deals.. Anyone remember the aborted Indonesian deal?? Think it’s just a case of better opportunities elsewhere and I can’t disagree given that Azer has been a disaster.. Weight off our shoulders imo
Remember also at the last cassipoeia evening in Oct if you watch the video he’s asked about being in breach. He said it’s never happened before and expects a letter on file seeking extension.
I am of the opinion along with others that back in Sept / October we knew we were in trouble hence the acquisition spree and all the repeated fundraising, Bonds etc.
After all I we would have had even less chance of successful fundraising if no Az assets so whilst perhaps naughty (hence the radio silence) I think Zen will have wanted to secure the funds before announcing failure.
I too do want to know what is happening to the funds raised (particualrly as in Aug we said we were fully funded for C30) as this feels like we’ve been duped into finding something else. Sure it might be bigger / better but it still feels dishonest.
i suspect that wheels were in motion back in november - we got that last tweet showing the bd260 de rigging and then nothing.
Ac probably got a whiff, that he was going to be hauled across the coals over his failure in the contract rehab area and called a halt to all further work - pending clarification.
he was probably trying to argue a discount, better terms etc etc and they wouldn't budge and said that AC had time to decide what to do - he folded, hence sudden deals elsewhere - which I suspect he had been pouring over for months.
Pawn, pondering that myself. Did they ‘lose’ Azer or did the BoD make a strategic decision to look at pastures new?? I mean they have been there for 3 years without much success .... anyhow what is is .....
What I, and indeed every other holder here, wants to know is where are we with these acquisitions ???? The SP increasing has to be top priority by whatever means!
No more announcing news then radio silence and lost in the ether!!! Be rigorous in the updates and chase ups.
Please Dyor
As a holder AC only has one liability to me and thats to get the sp up and think theres far more chance of that without the millstone of workovers that disappoint.
Sorry for the grievances of previous holders but have to say think your calling this wrong keeping harping on about the past. Only issue is will the mengo flow for them in the congo and is this 700bpd real?
if so then £2.6m cap is derisory if not then sp's likely too high.
up until the AAOG saga money raised was for AZ and the rating given , bonds on AZ asset new rig paid for by shareholders , so AC just walks away with no liability
Very good point - if he has been raising cash for operations in Azer, knowing it will be handed back to SOCAR, is there anything to stop him doing that?
So where is the cash raised for C30 and C37 , surely this must be illegal when there was no intention of staying in AZ this will be rinse and repeat just hope I can salvage some of my cash , AC is a disgrace
After a long time bought some here today as I like both RNSs today ie AC knows that the workovers in AZER don't pay but thinks that the exploration well close probably to one of the past gushers is wort a punt, conversely the African RNS re Tunisia looks also very smart. Time will tell, but at this price it is IMO definitively worth investing again on the back of today's news.